<PAGE>
 
                                   Exhibit 11

                            Graphic Industries, Inc.

                       Computation of Earnings Per Share


<TABLE>
<CAPTION>
                                               YEAR ENDED JANUARY 31
                                     -----------------------------------------
                                          1997           1996          1995
                                     -----------------------------------------
<S>                                  <C>               <C>           <C>
 
COMPUTATION FOR STATEMENT OF INCOME
Weighted average common shares 
  outstanding (1)                     11,663,751      10,894,319    10,556,833
                                    ========================================== 
Net income                           $ 7,280,667     $10,630,276   $ 8,405,734
                                    ==========================================
 
Net income per common share          $       .62     $       .98   $       .80
                                    ==========================================
</TABLE>
<PAGE>
 
                                   Exhibit 11

                            Graphic Industries, Inc.

                 Computation of Earnings Per Share (continued)

<TABLE>
<CAPTION>
                                               YEAR ENDED JANUARY 31
                                     -----------------------------------------
                                          1997           1996          1995
                                     -----------------------------------------
<S>                                  <C>               <C>           <C>
 
COMPUTATION FOR STATEMENT OF INCOME
Fully diluted computation:
 Net income                           $ 7,280,667    $10,630,276  $ 8,405,734
 Add interest on 7% convertible 
  subordinated debentures (2)             887,605        897,791      897,791
                                     =========================================
                                      $ 8,168,272    $11,528,067  $ 9,303,525
                                     =========================================
 
Weighted average number of 
  shares outstanding                   11,663,751     10,894,319   10,556,833
Add common shares applicable to
  assumed conversion of 7% 
  convertible subordinated
  debentures                            1,279,200      1,279,200    1,279,200
                                     -----------------------------------------
Weighted average number of 
  shares outstanding, as 
  adjusted (1)                         12,942,951     12,173,519   11,836,033
                                     ========================================= 
                                   
 
Fully diluted net income   
  per common share                    $       .62    $       .95  $       .79 
                                     ========================================= 

</TABLE> 
<PAGE>
 
                                   Exhibit 11

                            Graphic Industries, Inc.

                 Computation of Earnings Per Share (continued)


(1) No significant dilutive common stock equivalents were outstanding in any
   year.

(2)  Net of income tax effect.
<PAGE>
 
                   Graphic Industries, Inc. and Subsidiaries

                Schedule II - Valuation and Qualifying Accounts
<TABLE>
<CAPTION>
 
 
            COLUMN A               COLUMN B                COLUMN C           COLUMN D         COLUMN E
----------------------------------------------------------------------------------------------------------
                                  BALANCE AT    CHARGED TO
                                 BEGINNING OF  COSTS AND      CHARGED TO                    BALANCE AT END
        CLASSIFICATION              PERIOD      EXPENSES    OTHER ACCOUNTS   DEDUCTIONS(1)    OF PERIOD
---------------------------------------------------------------------------------------------------------- 
<S>                              <C>           <C>           <C>             <C>             <C>
Year ended January 31, 1997:
Accounts receivable allowance     $1,250,000   $2,596,000    $235,000(2)     $2,096,000       $1,985,000
 
Year ended January 31, 1996:
Accounts receivable allowance      1,075,000    1,532,236          -          1,357,236        1,250,000   
 
Year ended January 31, 1995:
Accounts receivable allowance      1,157,794    1,345,038          -          1,427,832        1,075,000
 
</TABLE>

(1) Uncollectible accounts written off, net of recoveries.

(2) Accounts receivable allowance of acquired subsidiary.